The purpose of CAPES is to estimate the market value of residential
properties in order to assess the collateral on Countrywide mortgage
loans. CAPES estimates market value by comparison of the subject
property to other similar nearby properties, for which recent sales
information is available. In some cases price indices describing the
change in property values over time are also used. In addition to the
estimated market value, CAPES produces a measure of the uncertainty in
the result. It uses several models, including heuristics derived from
companyspecific business rules, and accesses both commercial and
proprietary property databases. Its accuracy has been validated
extensively on batches of properties by comparing its results to known
sales prices. It is integrated with Countrywide’s underwriting expert
system and is currently being used by over thirty departments on a
daily basis.

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